The E.U. has threatened to relieve Greece of its independence when it comes to tax and spending policies, if the nation doesn’t fall in line with their demands.
It’s hard to imagine how something like this would play out, since it would essentially kill Greece’s sovereignty.
But perhaps it wouldn’t be too hard to implement, and would simply expose the fact that Eurozone nations already gave up their sovereignty long ago, when they adopted the euro.
Already, the E.U. has stripped Greece of voting power at the union’s next major meeting, inflicting ‘the worst humiliation ever suffered by an EU member state’ according to the Telegraph.
The council of EU finance ministers said Athens must comply with austerity demands by March 16 or lose control over its own tax and spend policies altogether. It if fails to do so, the EU will itself impose cuts under the draconian Article 126.9 of the Lisbon Treaty in what would amount to economic suzerainty.
While the symbolic move to suspend Greece of its voting rights at one meeting makes no practical difference, it marks a constitutional watershed and represents a crushing loss of sovereignty.
“We certainly won’t let them off the hook,” said Austria’s finance minister, Josef Proll, echoing views shared by colleagues in Northern Europe. Some German officials have called for Greece to be denied a vote in all EU matter until it emerges from “receivership”.
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